Barrel Air Hammer

Barrel Air Hammer

Markets Hammered as Bailout Vote Fails

US politicians bailed out of helping correct the mess they and their financial groups created on Monday, sending the world economy into waters not visited since the Great Depression.

US stocks plunged as a result the House of Representatives rejected a the $US700-billion-dollar rescue package.

The shock vote sent world markets reeling, interest rates soaring in interbank markets and commodity prices tumbling, except for gold. US Treasury yields fell sharply as investors sought safety once again.

Three more financial groups failed and needed rescuing, on top of the three that were rescued at the weekend in Europe.

European shares fell to a three and a half year low and US markets were down to 2005 levels as well. It was the largest single points fall for the Dow, exceeding the slump in October, 1987, but not in percentage.

The Dow plunged nearly 700 points when it looked like rejection was likely, but recovered 200 points as the arm-twisting continued, to no avail.

Our market is poised to plunge more than 300 points at the opening.

The Dow fell 400 points in four minutes as investors panicked as they saw the vote failing.

But after defeat was confirmed, (228-205 vote), the Dow plummeted 472 points (4.24%) to 10,670.

The markets the steadied briefly, but in late trading returned to the slope and skidded past 700 points... the Dow finished down 770 points, or 6.92%, the S&P 500 fell 8.74% or more than 95 points. Nasdaq was off more than 9%.

Financial stocks on Wall Street were battered lower. European financial stocks were equally damaged. the Dexia bank, a French-Belgian group, became the latest group to be rescued, the fifth in two days. In the US Wachovia was taken over by Citigroup, with US Government help.

Central banks around the world prepared to inject another $US330 billion in a series of swap deals, involving Australia as well. That was on top of the $US290 billion revealed last week.

Our market will be down more than 300 points at the opening today with the ASX200 off more than 330 points in futures trading overnight, or 7%.

Oil fell $US10 a barrel to around $US96 a barrel, gold jumped to $US917 an ounce, up almost $US30 and copper slumped. The US dollar rose, the euro fell and the Australian dollar was weaker, finishing just over 80 US cents..

It was an incredible day never seen before by anyone of this generation.

The nationalisation of Bradford & Bingley in the UK and the rescues of Fortis, the Belgo-Dutch banking and insurance group, and Hypo Real Estate, one of Europe’s leading property groups, overshadowed the US bailout plan.

Later in the day the Icelandic Government took over Glitnir, the country's third largest bank which had expanded via short term borrowings.

And the Belgium Government and its regions have agreed to rescue the Dexia bank, a financial group with big funds management operations in Australia. It's shares plunged 30% overnight. Dexia is a French-Belgium bank and was the 5th European financial group rescued in the space of a couple of days.

And as the debate in the US Congress unfolded, Wachovia, the country’s sixth-largest lender, was rescued by Citigroup, with the US government take a $US12billion stake in the country’s largest bank.

The German government bailout of Hypo Real Estate will cost an incredible €35billion, or around $US55 billion.

The US bailout was effectively sliced in half to $US350 billion and a trio of financial problems in Europe over the weekend shook confidence in Asia, Europe and Australia yesterday.

Bank shares were weak across most regions: Westpac fell 3.5% in Australia, Dexia in Luxembourg fell 20% and then 30% on news its government was helping bailout Fortis and on fears, larter confirmed, about its troubles..

Markets in Japan and Hong Kong fell: in Tokyo, the Nikkei lost 1.3% and the Hang Seng index shed 4.3%.

Banks in Europe were weak with Dexia's slump and those of other banks caused a knock on effect: Germany’s Commerzbank fell 25% and ING shed 18.2%.The Royal bank of Scotland, Fortis’ partner in the ABN Amro takeover, fell nearly 13%..

Hypo Real Estate slumped a massive 73% after it was bailed out by its competitors after stumbling close to collapse over the weekend.

The Australian stock market closed almost 2% lower after losses in the resources sector and as investors awaited the outcome of a vote by US lawmakers on a $US700 billion ($840 billion) bailout of US financial firms proposed by the US government.

World markets were very toey yesterday as they awaited the US vote.

The failures and rescues in Europe were signs of growing distress, which had bankers and others increasingly worried.

At the local close, the ASX200 index was 97.4 points, or 2%, lower at 4807.4, while the All Ordinaries had dropped 95.4 points, or 1.9%, to 4839.2.

BHP Billiton fell $1.60, or 4.5%, to $34.24, Rio Tinto lost $5.50, or 5.5%, to a 13-month low of $95.50 while Fortescue Metals shed 38 cents, or 6.4%, to $5.60.

The Australian market had opened almost 1% higher after reports said an agreement had been reached for the US government's proposed bailout.

In banking the ANZ fell 21 cents to $18.79, the Commonwealth shed 56 cents to $43.87, the National Australia Bank 11 cents to $25.69 and Westpac losing 83 cents to $23.15.

Retailers were mixed, with Woolworths gaining 27 cents to $28.37, Coles' owner Wesfarmers retreating 87 cents to $28.41, David Jones losing 13 cents to $4.40 and Harvey Norman steady at $3.50.

Agribusiness Futuris Corporation dipped half a cent to $1.485. The company today said it had appointed former Coates Hire boss Malcolm Jackman as its new chief executive.

OneSteel dropped 40 cents, or 7.5%, to $4.92 after it launched a $145 million takeover for the shares in New Zealand-based Steel & Tube Holdings it does not already own.

IMPORTANT: AIR reports about financial markets and investment products in the widest sense possible. The AIR website and all its contents is prepared for general information only, and as such, the specific needs, investment objectives or financial situation of any particular user have not been taken into consideration. Individuals should therefore talk with their financial planner or advisor before making any investment decisions.

About the Author

Australasian Investment Review (AIR) is a free daily news service covering global financial markets with a focus on Australia, New Zealand and Asia. Each day our team of experienced journalists presents you with a concise digest of expert opinions and analysis on trends and backgrounds that matter in these markets. Subscriptions are free at aireview.com.au

270A-2 - Air Hammer Short Barrel $479.47 [672-270A-2] 3.31 LB

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Super Duty Air Hammer Kit With 6 Chisels $137.95 Make fast work of body panel crimping and cutting, bushing, driving, shearing and general front end work with this air hammer, a super duty tool that produces up to 3,000 blows per minute. ? Professional touch trigger for total control. ? Long-life tool with a tough one piece alloy barrel. ? Easy to maintain, with an ?easy out? throttle valve assembly. ? Kit includes: a blowmolded plastic case with a removable lid and 6 chisels. Model Number 121K6. By Ingersoll-Rand.

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Ingersoll Rand IRT117 Standard Duty Air Hammer $95.21 Features and Benefits: Longer stroke piston Alloyed steel barrel and heattreated piston for longer life Up to 2 000 blows per minuteAn economical air hammer with a longer piston stroke this tool is designed for exhaust work bolt cutting and frontend work. The trigger control and a builtin power regulator give you full control of the speed and power. Stroke length: 31/2 ; Average air consumption: 3 cfm; sound dBA: 103.5/116.5; air inlet NPTF: 1/4 ; minimum hose size: 3/8 ; weight: 4.1 lbs.; Length: 9.9

Mechanics Time Saver 3-1/2 Stroke Long Barrel Air Hammer. Each $143.99 Manufacturer: Mechanics Time Saver. Each. Features and Benefits: Patented Shock Reduction technology Easy to use Ergonomic and evenly balanced Efficient motor for a long lasting life One year replacement warranty Stroke length: 3.50" Vibration (M/s2): 5.

Ingersoll Rand Air Hammer. Each $136.64 Manufacturer: Ingersoll Rand. Each. Professional touch trigger for total control Long-life tool with a tough one piece alloy barrel Easy to maintain, with an "easy out" throttle valve assembly Shank Diameter = 0.401 in Bore Diameter = 3/4 in Stroke Lengt

Ingersoll-Rand Standard Duty Air Hammer $69.56 An economical air hammer with a long piston stroke, this tool is designed for exhaust work, bolt cutting, and front end work. The trigger control and a built in air power regulator give you full control of the speed and power. Longer stroke piston Alloyed steel barrel and heat-treated piston for longer life. Up to 2,000 blows per minute Specifications: Blows per minute: 2,000 Stroke length: 3-1/2 inch (89 mm) Weight: 4. 1 lbs. (1. 86 kg) Length: 9. 9 (251) Average air consumption: 3 cfm, load 14 cfm Sound (pressure/power): 103. 5/116. 5 dBA Air inlet: 1/4 inch

Ingersoll Rand IRT115 Hammer Air .401Shank 34In.Bore 5000Bpm $73.71 Features and Benefits:. Up to 5 000 blows per minute . Alloyed steel barrel and heattreated piston for longer life . Builtin power regulator and trigger controlThis powerful yet economical highspeed air hammer is designed for light exhaust system work and general cutting chipping and scraping

Mountain MTN7330 Air Hammer and 9 Piece Chisel Set $101.77 Features and Benefits: Ideal extra duty hammer kit for various automotive and industrial applications Standard .401 shank size Long barrel allows better reach Kit includes: air hammer 9 chisels quick change retainer and bee hive retainer packed in a blow molded caseSpecifications: 35/8 Piston stroke 2 100 blows per minute Length: 10 Weight: 41/2 lbs. Air inlet thread: 1/4 NPT Air hose I.D. size: 3/8 Average air consumption: 4 cfm Noise level: 99.2 dBA 90 PSI

Hammer Head Shark Tooth Barrel .688 A5 $59 The Hammer Head Shark Tooth is a shortie, rifled, gun drilled barrel. It can be used in both woods and scenario. Great for close combat situations.

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Ingersoll Rand 116K Standard Duty Air Hammer With Chisels $85.13 The economical air hammer for fast cutting action especially for medium exhaust work panel cutting and general repair work. Features: Up to 3 500 blows per minute Handles a range of cutting applications Longer life alloyed steel barrel and heattreated piston Chisel set includes edging tool tail pipe cutter straight cutter cutting chisel and a punch

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Campbell Hausfeld TL050399 Air Hammer with Case $17.99 Air Hammer - TL050399. Carrying Case

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